Thursday, August 21, 2014

Creep Continues

SPX has tacked on another 10pts since the huge bearish SOS day on Tuesday but the small bullish Monday BOW is off the clock now and there was another small SOS day yesterday (not today) so it's tough to see SPX really taking off. A 15-20pt pullback should be imminent but the market may be ultimately intent on getting the Dow to new highs like SPX and Nasdaq. Yellen speech tomorrow. Could there be some wild 10-20pt swings to finish things off? Not sure this thing can stay up into Labor Day...feels like we are at near the top of the first roller coaster ascent. Good fortune.
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3 comments:

  1. UnknownAugust 23, 2014 at 12:22 PM

    2033 is the target. Do not be too negative as always you are.
    Caldaro is spot on....and take a look at his alternative count....could be even more than 2033.

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  2. S2August 23, 2014 at 12:51 PM

    Giovanni, That target is certainly not out of the question. You are right about me being too negative most the time. The intermediate-to-long term technicals I've presented support a very significant drop soon (20%+) but things usually stretch further than bearish opinions think. Caldaro has called the bull market extremely well and he is a great person too.

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  3. jackAugust 23, 2014 at 4:21 PM

    s2, you are right about everything you write about technically. There is one thing, however, that I don't think you've given enough credit to and that's rates. It has been the one and only thing that could have held this market up as long as it has. The technical's have long ago suggested much lower prices. Rates the wild card that yellen has used. No other place to go with cash.

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